Latest update 01.06.2025

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Webinar: Recent updates in GST & Income tax – June25

A. Amendment

Customs

Notification No. 31/2025-Customs dated 30.05.2025

CBIC issued Notification No. 31/2025-Customs dated 30.05.2025. It Seeks to extend the specified condition of exemption to imports of Yellow Peas & to reduce the basic custom duty on crude soya bean oil, crude sunflower oil, and crude palm oil from 20% to 10%

DGFT

DGFT Notif. 16/2025-26 dt 31.05.2025

DGFT issued Notification No. 16/2025-26 dated 31.05.2025 regarding Extension in Import Period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS) 2022, Schedule – (Import Policy)

Income tax

Notification no. 50/2025 dated 29.05.2025- Income tax

CBDT issued notification no. 50/2025 dated 29.05.2025 to insert a new item “ah” to Schedule 80IE, to include Sikkim for the purpose of deduction u/s 80-IE.

Notification no. 51/2025 dated 29.05.2025- Income tax

CBDT issued notification no. 51/2025 dated 29.05.2025 as a Corrigendum to the Notification no. G.S.R. 286(E) dated 01.05.2025. A a new item “ah” is inserted to include Sikkim in Schedule 80IE at page no114 of the said notification dated 01.05.2025.

B. Tax in Media

GST

FM counters social media claims of GST registration corruption and delay

Finance Minister Nirmala Sitharaman on Saturday endorsed the Central Board of Indirect Taxes and Customs (CBIC) for its detailed clarification on social media allegation surrounding delays and alleged corruption in GST registration processing.

National Fertilizers Limited receives GST demand notice of Rs.94.84 Crores

National Fertilizers Limited informed BSE Limited as a part of SEBI Listing Regulations that they have received GST demand notice for Rs.94.84 Crores from Guntur, GST Office for recovery of refund claimed and penalty on the same.

Entertainment Tax

Ahead Of Thug Life’s Release Tamil Nadu Government Reduces Entertainment Tax, Here Are The Details

The Tamil Nadu government has reduced the Local Bodies Entertainment Tax (LBET) from 8.6 per cent to 4 per cent.

Income tax

ITR Filing 2025: Confused Between ITR 1 And 4? Know Key Differences To File Correct Income Tax Return

Tax experts say it is necessary to choose the correct ITR form to avoid any future income tax notice.

Jharkhand govt urges finance commission to raise tax share to 50%

The Jharkhand government on Friday appealed to the Sixteenth Finance Commission to raise the vertical devolution of central taxes from the existing 41 per cent to 50 per cent.

NRI taxation: NRIs can save up to 72% tax from forex-adjusted capital gains on unlisted shares; check how it works

The New Income Tax Bill, 2025, has introduced a key provision that could significantly reduce the tax burden for non-resident Indians (excluding Foreign Institutional Investors) on long-term capital gains (LTCG) earned from selling unlisted equity shares of Indian companies.

C. Book

Book: Technical & Legal Issues & Solutions under Income Tax Act with Youtube Videos

1st Edition, 2025 Book authored by Dr. Amit Kumar Gupta on topic Technical & Legal Issues & Solutions under Income tax Act with Youtube Videos is available

Book: Understanding Income Tax Bill, 2025 with Notes on Clauses

1st Edition, 2025 authored by CA. Arvind Tuli book on Understanding Income tax Bill, 2025 with Notes on Clauses is available

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